A flexible and tax-effective way to build retirement savings

• Choose from the full range of low-cost investment options available within the plan.
• Contributions are tax-deferred, meaning your savings are taxed when you withdraw them from the plan.
• You can use money in your RRSP to help pay for your first house or for ongoing education under the government-approved Home Buyers’ and Lifelong Learning plans.
• You can make contributions up to December 31 of the year you turn 71.
• You can also contribute to a spousal RRSP plan until the end of the year your spouse/common-law partner turns 71.

RRSP contribution limits

Your available RRSP deduction limit is shown on the most recent Notice of Assessment sent to you by the CRA (or go to www.cra-arc.gc.ca/myaccount).

• If contributions exceed your deduction limit, the CRA may assess a penalty to your over-contributions.
• If you reach your allowable RRSP deduction limit, notify your administrator/payroll contact so contributions can be redirected to the NRSP.
• Contributions can be redirected back to the RRSP at any time.

Withdrawals

Withdrawals from all RRSP contributions are permitted if you want to take advantage of the federal government programs: the Home Buyers’ Plan (HBP) and the Lifelong Learning Plan (LLP).

A cornerstone of the CEIRP is to help members save for retirement. One of the ways to accomplish this is to limit the ability to withdraw contributions.

• For more information on withdrawals, please refer to your enrolment booklet.
• Withholding tax will be deducted from amounts withdrawn from the RRSP.
• The fee for any withdrawal out of the Plan from the RRSP is $25.

Statements and tax receipts

Statements are mailed out by Canada Life twice a year (June 30 and December 31).

• They show your account balance, current investment instructions, and contribution information.
• They also show your personalized net rate of return.

Tax receipts for contributions to your RRSP will be mailed to you by Canada Life in January and March as applicable. You can print a statement or duplicate receipt from your account on www.mycanadalifeatwork.com.